Look at the things you already pay for

[lin2009]

This is something my financial advisor pointed out to me.

Most of us open up savings and checking accounts when we turn 18 or whatever, get our first auto insurance when we get our first car (or are kicked off our parents' policies) our first homeowner's policies when we first purchase the home. But then we never go back to make sure that these things are still efficient for our current lifestyles.

So for example, my auto insurance was from over 10 years ago. I had a $250 deductable. He asked me if there was $500 in damage to my car, would you file a claim? Of course I said no way, I don't want my premiums to go up. So anyways, having a low deductable is kind of a waste if you are not going to use it. Instead its better to reallocate that money to either: 1) other insurance coverage that you might need or 2) right back into your savings account (or investments).

I just know that when trying to be frugal, every little bit helps

[disneysteve]

Very good advice. Reviewing insurance policies ought to happen every couple of years, though I admit I'm as guilty as everyone else in failing to do this. I got one auto quote a while ago that would have saved us a few hundred per year but I never actually moved my policy. I need to do that.

[jefffou]

My guess is that people review policies even less than they used to. I'm guilty.

With the popularity of online bill pay and automatic check withdrawal, the out-of-sight, out-of-mind principle comes into play here.

Jeff

[Slandgie]

@Jeff: I agree...when I get the paper statement from the credit card companies, I usually just toss it into the circular file.

[frugalnoggin]

This insurance topic is rife for savings. The deductible is certainly one great place to target. Another opportunity is roadside assistance. You may be paying double for the same thing if you have roadside assistance coverage as part of your insurance coverage AND you belong to a motoring club like AAA.

Another great savings opportunity is bundling. Combine your homeowners, auto and umbrella policy with the same company. You may find that the combined price for doing all of your business with the same company is less than trying to find a lower price on each policy in separate places.

Happy Savings!

[GREENBACK]

One car insurance adjustment I made was to switch to liabilty coverage. I don't have a vehicle less than 8 yrs. old and it's worth taking a slight chance of a wreck on vehicles that have lost most of their value to get the huge savings from this switch.